Republicans and US oil companies have been pressing for lifting the embargo, while the Obama administration opposed the decision, insisting on the need to develop alternative energy sources.

The ban on the export of US crude oil was introduced in 1975 in response to the energy crisis.It began in 1973 after all the Arab states refused to supply oil to countries who supported Israel in the Yom Kippur War.As a result, in one year the price of oil has risen from 3 to 12 dollars per barrel.